Resilient result in challenging half year
New Zealand’s five major banks (ANZ National, ASB, Bank of New Zealand, Kiwibank and Westpac) reported core earnings of $2.3bn in the first half of their 2011 financial years (1H11), up from $2.2bn from the previous six months (2H10). This was driven by growth in net interest income and other operating income, offset by rising operating expenses. The impact of the Christchurch earthquakes has somewhat halted the decline in bad debt expenses seen since 2H09. Overall, profit before tax remained largely unchanged at $1.9bn when comparing 2H10 to 1H11.
This publication focuses on the major banks’ performance for 1H11 with reference to 2H10.
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